AsSalaamu alaikum, I live in New Zealand with my wife and children. We live in a accommodation provided by government for poor people. The environment and people here are very bad. I am planning to move out in a better place.The rent outside is very high and if I buy a house then I have to borrow money from bank on interest. I have already searched for islamic finance but can’t get one in this country.so plz tell me if i can take a loan from the bank for buying a house. JazakAllahu khair.
Answer:
(Fatwa: 888/888=M/1429)
One has to give interest to the bank in case of loan, and as taking interest is haram, giving interest is also haram except in exigent cases. Therefore, first of all, you should try to get interest-free loan. If after due efforts, one fails to get it and he is in dire need of house then in state of exigency one can take loan from bank but only as much as needed.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband